The Earthshot Prize Partnership

Our proof-of-concept project in Gujarat was named a finalist for The Earthshot Prize. We're now working with The Earthshot Prize to promote markets around the world.

In October 2025, the Emissions Market Accelerator’s proof-of-concept project in Gujarat was named a finalist for The Earthshot Prize—the first international validation of the emissions market model in the Global South. In the months since, EMA and The Earthshot Prize have worked together to convert that recognition into sustained, high-level visibility in order to promote the market approach around the world.

The Earthshot Prize partnership has included co-hosting sessions at Mumbai Climate Week and London Climate Action Week, securing space in two flagship Earthshot publications, and putting EMA’s leadership on stage alongside figures such as London Mayor Sadiq Khan. EMA has also used this visibility to open new ground. Rio de Janeiro’s decision to work with EMA to explore emissions markets—marking EMA’s first foothold outside of India—was announced at The Earthshot Prize Impact Assembly in London. With The Earthshot Prize’s flagship event coming to India in November, the partnership is expected to deepen further—giving Surat’s model a growing channel to reach decision-makers across the Global South.

The Earthshot Prize Names Indian State of Gujarat a Finalist

In October 2025, The Earthshot Prize named the Indian State of Gujarat a finalist for their Surat Emissions Market conducted in partnership with EMA affiliated researchers. EMA leadership attended the awards ceremony in Rio de Janeiro, Brazil.

Mumbai Climate Week

EMA leadership and The Earthshot Prize were engaged in several events during Mumbai Climate Week, and used the gathering as an opportunity to announce major milestones.

At a special Earthshot Prize event during Mumbai Climate Week, EMA Executive Director Kaushik Deb announced plans to expand emissions markets to help 1 billion people breathe cleaner air by 2030. Deb joined Earthshot’s other India finalists on stage to discuss scaling climate solutions.

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At the same event, the Earthshot Prize announced it will bring its flagship award ceremony to India this November. Deb spoke about what the announcement means for India.

What it Means

EMA also hosted its own cross-sector dialogue at Mumbai Climate Week on evidence, partnerships, and market-based solutions for clean air and water governance. Mathilde Carraro, the Earthshot Prize’s Director of Portfolio Impact, delivered the keynote, “From Pilots to Policy: Scaling Pollution Markets for Cleaner Air and Water."

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Champions of Change Report

The Earthshot Prize’s Champions of Change report, a greenprint for cities and regions to scale proven climate solutions, named Surat’s Emission Trading Scheme among 11 flagship innovations worldwide spanning mobility, air quality, waste, restoration, and finance (read the report; Earthshot’s announcement).

The Earthshot Prize’s Champions of Change report, a greenprint for cities and regions to scale proven climate solutions, named Surat’s Emission Trading Scheme among 11 flagship innovations worldwide spanning mobility, air quality, waste, restoration, and finance.

London Climate Action Week

EMA leadership and The Earthshot Prize were engaged in several events during London Climate Action Week, and used the gathering as an opportunity to highlight their impact and new partnerships around the world.

EMA Co-Chair Michael Greenstone spoke at the Earthshot Impact Assembly on the sidelines of London Climate Action Week, appearing alongside London Mayor Sadiq Khan to explore how cities can tackle air pollution while driving economic growth. At the same event, Greenstone announced that Rio de Janeiro will join EMA to explore emissions market solutions the initiative’s first foothold outside of India.

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Michael Greenstone joined the roundtable sessions at London Climate Action Week. His session focused on removing the practical barriers preventing some of the world’s most promising Indian climate solutions from reaching millions of people.